Sale of Rialto Village parcels OK’d

The partnership that owns the planned Rialto Village Town Center on the far Northwest Side has received bankruptcy court approval to sell two parcels in the development for a combined $1.3 million.

RVTC LP filed for bankruptcy late last month, following a dispute with lender Bank of the Ozarks. The mixed-use project is along Interstate 10 at Ralph Fair Road.

The partnership this week received court approval to sell a 40,467-square-foot parcel for a planned Taco Cabana restaurant and a 15,000-square-foot parcel slated for an office for custom home builder Charles Powell, court documents show.

The sale prices on the parcels are in excess of the allocated loan amounts, developer Dale Schuparra said. He added the sales signify the value of the development is more than sufficient to protect the bank, which loaned $15.5 million to the partnership in 2007.